TCU Launches Task Force to Scrutinize At‑Risk State Firms as Correios Pursues R$20 Billion Treasury‑Backed Loan

Overview

• Auditors began an on‑site inspection at Correios to probe alleged administrative, financial and operational irregularities, with work expected to run through the end of the month.
• Correios presented a restructuring plan to the TCU that includes a proposed R$20 billion credit operation with a federal guarantee, alongside a voluntary separation program and sales of idle real estate.
• The TCU said specialized units will track the execution of the plan and any government participation to ensure legal compliance and efficient use of resources, noting the loan would be larger than any federal guarantee to a similar operation in the past 15 years.
• The new task force will produce governance and fiscal diagnostics across five axes — management, innovation, financial performance, personnel and contracting, and information technology — initially for the nine most fragile firms and potentially for all 27 non‑dependent federal SOEs.
• The Treasury’s 7th Fiscal Risk Report flagged nine companies — including Correios, Casa da Moeda, ENBPar, Infraero and five port authorities — and estimated R$5.1 trillion in federal risk exposures, citing specific vulnerabilities such as Codern’s reliance on the Port of Maceió and ENBPar’s Angra‑related capital needs.